“The course of our country in recent years has been an example of these principles. We have avoided entanglements by reserving to our own decision when and how we should help. We have not failed to help. We have contributed hundreds of millions of dollars to foreign charities. We have given freely of our counsel to the settlement of difficulties in Latin America and the adjustment of war problems in Europe. We are still pursuing that course. It has been a practical course, and it has secured practical results. One of these most important results is found in the disarmament treaties, which have saved our own country to date about $300,000,000, and likewise relieved other nations. Another important result has been the adoption of the Dawes plan for the settlement of reparations. The effect these will have in averting war and promoting peace cannot possibly be overestimated. They stand out as great monuments, truly directing the course of men along the way to more civilization, more enlightenment, and more righteousness. They appear to me properly to mark the end of the old order, and the beginning of a new era. We hope they are the end of aggressive war and the beginning of permanent peace.”

— Calvin Coolidge

1920s, Ordered Liberty and World Peace (1924)

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Calvin Coolidge 412

American politician, 30th president of the United States (i… 1872–1933

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“It has been in accordance with these principles that we have made generous settlements of our foreign debts. The little sentiment of "live and let live" expresses a great truth. It has been thought wise to extend the payment of our debts over a long period of years, with a very low rate of interest, in order to relieve foreign peoples of the burden of economic pressure beyond their capacity to bear. An adjustment has now been made of all these major obligations, and they have all but one been mutually ratified. The moral principle of the payment of international debts has been preserved. Every dollar that we have advanced to these countries they have promised to repay with some interest. Our National Treasury is not in the banking business. We did not make these loans as a banking enterprise. We made them to a very large extent as an incident to the prosecution of the war. We have not sought to adjust them on a purely banking basis. We have taken into consideration all the circumstances and the elements that attended the original transaction and all the results that will probably flow from their settlement. They have been liquidated on this broad moral and humanitarian basis. We believe that the adjustments which have been made will be mutually beneficial to the trade relations of the countries involved and that out of these economic benefits there will be derived additional guaranties to the stability and peace of the world.”

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Lord Privy Seal

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